Unified Payment Interface (UPI) – FAQ, Recommended Apps

The Unified Payments Interface (UPI) was officially launched in April this year. The National Payments Corporation of India (NPCI) gave a green signal to UPI in August. Now, with demonetization going on, these UPI apps can give some relief to the people who are facing problems.

For all those who don’t know much about UPI, it is basically a system that brings multiple bank accounts into a single mobile application. Let us now take a look at the detailed overview on Unified Payments Interface (UPI).

All You Need To Know About UPI

Question: What is UPI?

Answer: As mentioned earlier, Unified Payments Interface or UPI is a system that powers multiple bank accounts into a single mobile application (of any of the bank participating in this scheme), merging several banking features, seamless fund routing & merchant payments under one hood.

Question: How is UPI Beneficial for the end Customers?

Answer: UPI has the following benefits for the end customers :

It allows money transfer between any two bank accounts by using a smartphone.

It gives a Single Application for accessing different bank accounts.

Customer can pay directly from a bank account to different merchants without sharing the credit card details.

UPI usesVirtual ID that is very secure, plus, payment can be made faster with a Single click authentication.

Customers can also raisecomplaints from Mobile App directly.

Question: What kind of transactions can be performed via UPI?

Answer: UPI Apps can be used for the following transactions :

Merchant Payments with a Single Application.

Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.

Donations, Collections and other Disbursements etc.

You can also Schedule PUSH and PULL Payments for various purposes.

Question: Which Banks are currently participating in the UPI System?

Answer: Currently 30 banks are listed under the UPI system, some are listed as PSP & issuer, while some are listed as Issuer only.

Names of some of the banks listed under this scheme are as follows:

Andhra Bank

Axis Bank

Bank of Maharashtra

ICICI Bank

Punjab National Bank

UCO Bank

State Bank of India

HDFC

Kotak Mahindra Bank

Bank of Baroda

HSBC

Central Bank of India

Question: Have these Banks launched there UPI Apps?

Answer: Several Banks have launched there UPI Apps for Android, and the IOS versions will be out soon. Some of the recommended apps are as follows :

Abhinav Singh, a software engineer who is very much interested in social engineering. He is responsible to manage all the social media profiles of Gadgets To Use. He also has a hobby of tracking new apps and gadgets and to share them with our readers as well.